2009 MF Wannabe's

llydaw

well done to everyone on all the overpayments.

no 120 here (I've pm'd zavarony). Only managed £200 for March as I needed to clear final payments for our wedding that was in January. Aiming for £500 for April and the good news our tracker drops to 0.09% from April :j

I'm managing to keep up my meal planning thanks to the threads on old style and live on £4k for a year and am hardly spending any extra cash in the week. which means more money towards debts and mortgage.

Good luck with everyones overpayments and remember every little amount helps. Does anyone else find themselves wishing the month away so that they can make another o/p or is it just me:rolleyes:

gallygirl

kar wrote: »

Current mortgage as of January 2008 - £163,903.05 :eek:


I feel like I don't really belong here because I have such a lot to pay off still but both me and my other half desperately want to see that figure come down. Hope to get to know some of you.

Kar

Hi Kar :hello:

If it's any consolation my total mortgage debt is 152k, so not that much different to you. However, this is on 3 properties so I'm concentrating on the one that is 'only' 39k, something to aim for first. If you [strike]are really sad[/strike] would like a target to aim for why not make a house on an excel spreadsheet and colour in as you go along. I started on 164k and am up the steps and onto the first row of bricks :rotfl:. Can't wait to get up to roof level .

What are the penalties like to get out of your mortgage? Is it worth considering? Also, even although you can only overpay £500 a month there is nothing to stop you building up savings and, for our purposes, considering them offset against your mortgage (I'm sure you know you should have a few months savings behind you anyway). You could then make a nice lump sum payment when you go to remortgage.

Finally, every £500 you overpay will save you around 1k in interest so that is also a good incentive to over pay. try putting your details into www.whatsthecost.com, this will give you your normal pay off date and you can then play about with overpayments and see how much you can save in time & interest.

Good luck!!

fluffysox

kar wrote: »

Hi,

I think it's about time I started posting again as I'm beginning to make mortgage overpayments (although with the amount I owe I can't see it having much affect at the moment!)

Current mortgage as of January 2008 - £163,903.05 :eek:
Monthly repayments £1088 at 6.08%:eek: (fixed rate for another 3 years)

Current overpayment every month starting from March £500 (max we can overpay without penalty)

Aiming for an overpayment of £ 5000 in 2009

I feel like I don't really belong here because I have such a lot to pay off still but both me and my other half desperately want to see that figure come down. Hope to get to know some of you.

Kar

Of course you belong- we all aim to reduce our mortgage by overpaying and hence save on the interest and make our future finances more secure- but we all have different goals as far as when we'll be mortgage free.
The philosophy on this board is every little helps, we're here to support each other as we try to reach our own individual targets. :T
Every time your mortgage term gets reduced by a month- its a bonus. If you are overpaying by £500 in a month you are effectively making 3 months worth of payments.
Try looking at the mortgage calculator below, the monthly table shows that on the minimum payment you would only be clearing £234 a month of the capital- most of your payment is interest. By overpaying even £234 you are doubling the normal repayment.
http://www.drcalculator.com/mortgage/
good luck with your MFW goal:T :T :T :T

jay_dee

Yay! Have made March overpayment of £500. I intended to start overpayments in January but didn't manage to make the first payment until February - so need to find an extra £500 along the way this year to meet my target of £6000. But even so it feels good to know we are making even a little progress towards paying off the mortgage -- reading everyone's progress helps too. Well done everyone!!

RosieTiger

They all count - if you miss one don't panic, the 2 you have paid so far is a good start

jexysbird

MFW 144 update!
Hi all,
Some great totals coming in this month!

Total for us for March is £2000.27
OP total paid so far this year to date - £5001.31
Mortgage down to £61699.73 :j

Floxxie

No.112 reporting in. Nothing very exciting to report (and there won't be for the rest of the year) but mortgage has reduced down to £73890 from £75040. Target is £65500 so only another £8390 to go.

Total overpaid year to date (inc.normal payment) = £14763

Floxxie

pollys

No 75 reporting in.

March overpayment £2025 (have pm'd you zavarony):j

Well done everyone.

Sosh

No 63 reporting.

March op is £1729.44

have pm'd you zavarony

Sosh

zavarony

want2bmortgage3 wrote: »

please can my target be changed from £6000 to £1200 (£100 a month), this is much more achievable for me

Done for you W2BM3
xx